PR about $14.4MM of ore orders delivered and 2 new orders for recycled metal in Q1:
Press Release Source: China Armco Metals, Inc. On Monday March 14, 2011, 7:30 am
SAN MATEO, Calif., March 14, 2011 (GLOBE NEWSWIRE) -- China Armco Metals, Inc. (AMEX:CNAM - News) ("China Armco" or the "Company"), a distributor of imported metal ore and metal recycler with a new state-of-the-art scrap metal recycling facility in China, today announced it has delivered two new iron ore orders to customers serving iron and steel producers in China, in addition to two new orders secured for recycled steel.
Through March, 2011 China Armco's trading business has completed and delivered two orders for iron and chrome ore with existing customers in China that include a combined volume of 8,000 tons with an aggregate value of approximately of $14.4 million.
The Company's also secured two new orders for its metal recycling business with existing customers to produce and sell a combined volume of 10,000 tons of recycled steel, with an aggregate value of approximately of $5.4 million.
"We are pleased to begin the new year with strong orders in both of our business segments when quarter one normally is steel industry's weak quarter," said Mr. Kexuan Yao, Chairman and CEO of China Armco. "With the stabilization of iron prices and the end of power conservation plans imposed by the government, we are now beginning to see measured progress. We are confident in our ability to reach our goals as we position China Armco for further growth in 2011 and beyond."
